Ayala joins RI property firm

Ayala joins RI property firm

JAKARTA (JP): Ayala Land Inc., a Philippine property company, has acquired a 25 percent stake in PT Menara Duta, a property firm affiliated with the Tigaraksa Group, the Indonesian company revealed in a report yesterday.

"This investment provides Ayala Land with an entry point into the Indonesian property market. We expect to gradually increase our presence in the country as opportunities arise," Ayala's president, Francisco H. Licuanan, is quoted by the report as saying.

The report said that Menara Duta, which has interests in a diversified mix of properties in Jakarta, is the majority shareholder of the Ascott Executive Residences and Ascott Towers condominium complexes. (riz)